Great Portland Estates has obtained a record office rent in London’s Soho district, letting out 6,825 sq ft at 30 Broadwick Street to Exponent Private Equity at £110/ sq ft. This is the highest price per sq ft ever recorded for Soho, as the demand for prime locations in London is on the rise. Just two years ago the highest rent for Soho lingered around £97/ sq ft.
Exponent will occupy the sixth and top floor of the recently completed development on a 10-year term without break, paying an annual rent of £750,750. GPE completed the building in November 2016. By December, 55% of the scheme had been secured.
Following a pre-let to The Ivy Soho Brasserie in June 2016, the rest of the 8,900 sq ft of retail space in the building has been let for a combined rent of £437,500 per year. The space has been let on minimum 10 year terms to October’s Very Own, Nespresso and Bobbi Brown.
The recent office and retail lettings, which were on average 9.9% ahead of last March’s estimated rental value, have now taken the building to 68% occupied. The premise has two more floors available to let.
GPE Leasing Director Marc Wilder has commented: “We continue to see healthy tenant demand for prime, well-located space within our portfolio and together these lettings are testament to the quality of our developments.”